Russia\u2019s deputy minister of finance Alexei Moiseev has stated that users who conduct cryptocurrency transactions have to be identified.
\nAccording to RNS, the official also believes that cryptocurrencies could be classified as \u201cother property\u201d as described in the country\u2019s civil code.<\/p>\n
\u201cThere are different legal concepts, but generally there\u2019s a proposal we\u2019re considering now that bitcoin and cryptocurrencies as a whole are to be defined as other property. If we call it money, it will entail currency control and other stuff, but it\u2019s not clear why because it\u2019s not some foreign currency,\u201d <\/strong>Mr. Moiseev said.<\/p><\/blockquote>\n
He also noted that in terms of regulation, digital money transactions have to be supervised as per FATF regulations applied to derivatives.
\nFATF is an international organization that develops global standards in AML and prevention of terrorism financing.<\/p>\nMr. Moiseev stressed that customer identification and accountancy for all transactions, as well as consumer protection measures, are imperative. The moments of purchasing and cashing cryptocurrency are the most important items of cryptocurrency supervision, he added.
\nHe also noted that those propositions are part of a yet unpublished report that will be presented to Russia\u2019s government next month.<\/p>\n